# International Public Partnerships extends corporate debt facility

- Link: https://www.directorstalkinterviews.com/international-public-partnerships-extends-corporate-debt-facility/4121115900
- Published: 2023-04-21T07:59:24+01:00
- Author: Amilia Stone

**International Public Partnerships Limited** (LON:INPP), the FTSE-250 listed investment
company, has announced that it has successfully amended the terms of its Corporate
Debt Facility to support the Company’s investment pipeline.

International Public Partnerships has agreed to increase the committed size of its
existing CDF from £250 million to £350 million. In addition, the Company will retain
a flexible ‘accordion’ component which would, subject to lender approval, allow 
for a further increase in the committed size of the facility to £400 million.  The
maturity date of the CDF has also been amended from March 2024 to June 2025.  The
key pricing terms remain unchanged, as follows:

·    a margin of 165bps over EURIBOR for Euro drawings and 170bps over SONIA for
Sterling drawings; and

·    a ratchet mechanism applies to the commitment fee such that it varies between
50bps and 90bps depending on the level of utilisation.

The banking group for the CDF remains unchanged and comprises National Australia
Bank, The Royal Bank of Scotland International, Sumitomo Mitsui Banking Corporation
and Barclays Bank.

As at 20 April 2023, the facility was undrawn from a cash perspective but with c.
£17 million committed via letters of credit for near-term pipeline investments. 
The funding available under the CDF will be used to finance International Public
Partnerships’ investment pipeline, including the Moray East OFTO and the portfolio
of five operational assets in New Zealand.

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